PROINVERSIÓN: 10 PROJECTS FOR US$ 433 MILLION ACCESSED TO THE SPECIAL REGIME FOR RERAIGV IN 2023
Lima, January 8, 2024.- At the end of 2023, 10 investment projects have been granted access to the Special Regime for Early Recovery of VAT (RERAIGV, by its Spanish acronym), whose total investment commitment amounts to US$ 432.5 million. Also, in 2023, 11 other projects benefiting from the Regime have made modifications to their characteristics and 23 applications are in process.
The RERAIGV is one of the tools for attracting private investment offered by Peru and promoted by PROINVERSIÓN, to make the private sector's investment in the country more attractive. This Regime is a financial benefit that provides liquidity to the owner of an investment project, through the refund of VAT on acquisitions and/or imports of goods, services and construction contracts made during the pre-operational stage of the project and that are used directly in the execution of the project. PROINVERSIÓN intervenes in the evaluation for the investor to access this benefit.
The projects that accessed this instrument in 2023 correspond to sectors such as construction, production, agriculture, education, electricity, hydrocarbons and tourism. Among the most important projects are the "New Fuel Supply System at Jorge Chávez International Airport" (with an investment commitment of approximately US$ 100 million), the "Cabecera Norte Modern Logistics and/or Distribution Storage Park", the "131.1 MW wind farm in San Juan", the "220 kV Transmission Line Ersur 220/33 kV Sub Station- Expansion of 220 kV Marcona Sub Station and 220/33 kV Ersur Sub Station" and "High Performance School COAR Center (Regions of Pasco, Huancavelica and Cusco)", the latter being the first project in the education sector to benefit from this regime.
Since the implementation of this tool (in 2007) until the end of 2023, 232 company projects have had access to this financial benefit, allowing them to have access to liquid resources to secure their investments in Peru and alleviate their financial costs. To date, the total amount of investment commitments benefiting from this incentive amounts to US$ 42,000 million.
Who can access this regime? All individuals or legal persons that are owners of an investment project that is in the pre-operational stage, in any sector of economic activity in Peru, provided that they generate third-category income (entrepreneurial income).
Source: Press Release - PROINVERSIÓN